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Home > Brand Media News > Indias real estate is reaching new highs thanks to luxury better times are coming in 2023 Anurag Goel Director Goel Ganga Developments

India's real estate is reaching new highs thanks to luxury; better times are coming in 2023- Anurag Goel, Director, Goel Ganga Developments

Updated on: 20 January,2023 06:46 PM IST  |  Mumbai
BrandMedia |

Few people would have predicted that India's residential real estate would recover so quickly from the pandemic.

India's real estate is reaching new highs thanks to luxury; better times are coming in 2023-  Anurag Goel, Director, Goel Ganga Developments

Even fewer people would have imagined that the luxury home market would aid the industry's recovery from a persistent slump that has had a solid hold on it for years. The fact that key performance measures have improved noticeably in 2022 is proof that the year was a banner one for residential real estate. And the luxury market is largely responsible for this improvement.

The average value of homes sold in India's leading residential markets has climbed significantly, despite rising interest rates and average property values (the RBI has raised the repo rate by a total of 125 basis points since May this year).The first half of the current fiscal year saw a 49% increase in home sales over the same period last year, reports rating agency ICRA, making it the largest number of sales in the previous ten years. ICRA notes that the proportion of premium and luxury units in total home sales has been steadily rising since the epidemic, which is why a small price increase was unable to stop the expansion of India's residential real estate market.

In a compelling discussion on the year ahead in real estate from the lens of Anurag Goel, Director, Goel Ganga Developments

1. What are your views on Investment in real estate at an early age?

Real estate investment is one of the few selected ways of investment, which can set you on a solid and safe financial pedestal and help you retire early. The earlier you invest, the more you benefit. An early start most often gives you maximum returns on your investment. Times are changing, and millennials are looking to start investing in real estate before the age of 30. As a result, if done correctly, real estate can be an excellent vehicle for wealth creation, given individuals take the time to educate themselves about the process and the best methods for profit maximisation. With tax benefits and rental income opportunities, real estate investments come with a truckload of benefits for young investors. At our company itself, in the last year we have seen Goel Ganga clients enjoy an ROI of more than 58.9% from launch to possession of their units. 

2. A considerable number of NRI's are choosing to invest in Pune real estate market. What do you think is drawing them towards investing in the same?

Pune, an educational centre, an automobile hub, IT hotspot, has become one of the most popular destinations for end users as well as investors. Rated as the happiest city in India to live in, the emerging new opportunities play a pivotal role in changing the landscape of real estate by boosting its demand which has attracted NRI investment in the city. Pune has always been a stable market in terms of pricing. A number of Luxury properties have emerged as a hot favourite with NRIs this season, at a much lower cost compared to some of the other metros like Mumbai, Delhi and Bangalore making Pune a hot favorite. As the depreciating rupee value, coupled with attractive developer discounts, offer greater buying power; NRIs are increasingly showing interest in buying homes for various reasons, including affordability, low-density housing, and accessibility to medical resources. Additionally, low property prices and the relaxation of investment regulations are also encouraging NRIs to buy a second home. For NRIs, the favourable exchange rate is another prime motivator to secure bigger homes.

3. What is the state of India real estate market now and what is the expected outlook for 2023?

In 2022, the real estate industry as a whole had a good year. The real estate market recovered strongly this year as a result of a number of growth-promoting factors such as increased house sales and increased client demand and activity, all of which resulted in an increase in project launches. In 2023, an increasing number of Indians will look out for high-end housing. As the personal earnings of middle class segment is on rise, and metropolitan populations is growing, more people will be interested in purchasing luxury properties. This pattern should result in increasing luxury home prices as long as demand exceeds supply. As the market for luxury housing continues, developers and real estate agencies will require to offer a variety of high-end properties that appeal to the tastes of modern homebuyers.

4. Ready to move in versus under construction are trending in the real estate sector. What according to you is the best option for end users?

Homebuyers often face the dilemma of going for a property that is under construction or taking their chances with one that is ready to move in. Generally, the cost of a ready-to-move-in apartment is 25-40% higher than one under construction in a similar project, of the same size, with similar amenities, and in the same location. This pricing difference is what makes under-construction projects attractive for most cost-conscious homebuyers. The prices of under-construction projects escalate with the stages of completion. So, this can work in your favour as an investment even before getting possession of the purchased unit. Having said that, the client must be sure to invest with a trusted developer who can deliver as per promised timelines.

5. What are the ethics the employees at Goel Ganga Developments believe in?

Goel Ganga Developments strives for transparency, quality and timely delivery of all its projects. As one of the top most real estate builders in Pune, we have raised the standard of excellence by delivering real estate properties in prime locations. For over 40 years of constributing to Pune city’s skyline, Goel Ganga Developments has consistently delivered landmark projects garnering enormous trust of its customers and has firmly established itself as one of the leading real estate developers in Pune. We take pride in being voted as the most preferred brand for end-users till date. Our projects showcase this unique difference and make us stand tall with exceptional value and attributes. We aim to be the most preferred and long-cherished brand in the industry while maintaining our sustainable construction practises.

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